Vertafore, Travelport, Avantor, Creative Artists, First Eagle, TriMark, Americold break

By Sara Rosenberg

New York, June 17 – The secondary market on Friday saw a number of deals free up, including Vertafore (VF Holding Corp.), Travelport Finance (Luxembourg) SARL, Avantor Performance Materials, Creative Artists Agency LLC, First Eagle Holdings Inc., TriMark (TMK Hawk Parent Corp.) and Americold Realty Operating Partnership LP.

In more happenings, ExamWorks Group Inc. trimmed pricing on its first-lien term loan and firmed the original issue discount at the tight end of guidance, Prospect Medical Holdings Inc. reduced the size of its term loan B, raised the spread and widened the issue price, and Booz Allen Hamilton Inc., Ravago Holdings America, Headwaters Inc. and Belfor USA Group Inc. surfaced with new deal plans.

Vertafore tops OID

Vertafore’s credit facility began trading on Friday, with the $1.1 billion seven-year covenant-light first-lien term loan quoted at par bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 375 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

Recently, the spread on the term loan was reduced from talk of Libor plus 400 bps to 425 bps and the discount was changed from 99.

The company’s $1.2 billion credit facility (B2/B-) also includes a $100 million five-year revolver.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and Mizuho are leading the deal that will be used to help fund the buyout of the company by Bain Capital Private Equity and Vista Equity Partners from TPG Capital.

Closing is expected in the third quarter.

Vertafore is a Bothell, Wash.-based provider of software and information to the insurance distribution channel.

Travelport starts trading

Travelport’s repriced $2,339,000,000 term loan B (B2/B+) due September 2021 emerged in the secondary market as well, with levels seen at 99 7/8 bid, par 1/8 offered, a trader remarked.

Pricing on the term loan B is Libor plus 400 bps with a 1% Libor floor and it was sold at an original issue discount of 99.75. Included in the loan is 101 soft call protection for six months.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal.

The repricing is taking pricing on the existing term loan B down from Libor plus 475 bps with a 1% Libor floor.

Closing is expected during the week of June 20.

Travelport is an Atlanta-based provider of transaction processing services to the travel industry.

Avantor hits secondary

Avantor’s credit facility was another deal to break, with the $670 million six-year first-lien covenant-light term loan (B1/B) quoted at 99¼ bid, 99¾ offered and the $165 million seven-year second-lien covenant-light term loan (Caa1/CCC+) quoted at 98 bid, 99 offered, a trader said.

Pricing on the first-lien term loan is Libor plus 500 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 950 bps with a 1% Libor floor and was issued at a discount of 98. The debt has call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, pricing on the first-lien term loan finalized at the wide end of the Libor plus 475 bps to 500 bps talk, the call protection was extended from six months and the maturity was shortened from seven years, and the maturity on the second-lien term loan was shortened from eight years.

Avantor getting revolver

In addition to the first-and second-lien term loans, Avantor’s $885 million credit facility includes a $50 million revolver (B1/B).

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and KeyBanc Capital Markets LLC are leading the deal.

Proceeds will be used to refinance existing debt and fund a shareholder dividend.

Avantor is a Center Valley, Pa.-based life sciences company focused on the development of specialty performance materials.

Creative Artists breaks

Creative Artists Agency’s repriced $622.6 million term loan B due December 2021 also freed up, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the term loan B is Libor plus 400 bps with a 1% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

Recently, the spread on the loan firmed at the wide end of the Libor plus 375 bps to 400 bps talk and the issue price finalized at the tight end of the 99.75 to par talk.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Mizuho, Nomura and UBS Investment Bank are leading the deal that will take existing term loan pricing down from Libor plus 450 bps with a 1% Libor floor.

Creative Artists is a Los Angeles-based entertainment and sports firm.

First Eagle begins trading

First Eagle’s fungible $150 million add-on senior secured first-lien term loan B due Dec. 1, 2022 hit the secondary in the afternoon, with levels quoted at 98¾ bid, 99¼ offered, according to a trader.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.75% Libor floor, and it was sold at an original issue discount of 98.56. There is 101 soft call protection through Dec. 1, 2016.

Morgan Stanley Senior Funding Inc., HSBC, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Investment Bank are the leads on the deal that will be used to refinance existing revolver borrowings and for general corporate purposes.

Closing is expected on Wednesday.

First Eagle is a New York-based independent, privately held asset management firm.

TriMark frees up

TriMark’s term debt broke for trading too, with the $45 million incremental first-lien term loan due Oct. 1, 2021 and the $70 million delayed-draw first-lien term loan due Oct. 1, 2021 trading as a strip at 99½ bid, par offered, a trader said.

Price talk on the fungible term loans is Libor plus 425 bps with a 1% Libor floor, in line with existing first-lien term loan pricing, and the debt was sold at an original issue discount of 99.5.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are leading the $115 million in term loans that will be used for acquisition financing and to refinance an ABL draw that was used to fund a future acquisition.

TriMark is a South Attleboro, Mass.-based provider of equipment, supplies and design services to the foodservice industry.

Americold levels surface

Americold Realty Operating Partnership’s $710 million first-lien term loan due December 2022 also began trading, with levels quoted at par 1/8 bid, par 5/8 offered, a trader remarked.

The loan, which includes a $385 million add-on tranche and a repricing of the existing term loan, is priced at Libor plus 475 bps with a 1% Libor floor, and has 101 soft call protection for six months. The new money was sold at a discount of 99.5 and the repricing was issued at par.

During syndication, pricing on the add-on term loan was reduced from Libor plus 550 bps and the repricing of the existing loan was added to the mix.

J.P. Morgan Securities LLC is leading the deal.

Proceeds from the add-on term loan will be used to refinance CMBS debt, to fund an acquisition and for general corporate purposes.

Americold is an Atlanta-based provider of temperature-controlled warehousing and logistics to the food industry.

Affinity holds steady

Affinity Gaming’s $300 million seven-year first-lien term loan was quoted at 99¾ bid, par ¼ offered on Friday, in line with where it freed to trade during the previous session, according to a trader.

Pricing on the term loan is Libor plus 400 with a 1% Libor floor, and it was issued at a discount of 99.5. There is 101 soft call protection for six months.

During syndication, pricing on the loan firmed at the low end of the Libor plus 400 bps to 425 bps talk and the discount was tightened from 99.

The company’s $375 million credit facility (B1/BB-) also includes a $75 million undrawn revolver.

Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and Fifth Third Bancorp are leading the deal that will be used with $90 million of cash on hand to call the company’s $200 million of 9% senior notes due 2018 and repay its existing $180 million secured term loan.

Total leverage will decline to 4.2 times from 5.3 times with the refinancing.

Affinity Gaming is a Las Vegas-based casino owner and operator.

ExamWorks revised

Moving to the primary market, ExamWorks lowered pricing on its $770 million seven-year first-lien covenant-light term loan to Libor plus 375 bps from talk of Libor plus 400 bps to 425 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

The company’s $920 million credit facility (B1/B) also includes a $150 million five-year revolver.

Commitments were due at noon ET on Friday, the source said.

Bank of America Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are leading the deal that will be used with equity, notes and cash on hand to fund the buyout of the company by Leonard Green & Partners LP for $35.05 per share in cash, or about $2.2 billion.

Closing is expected in the third quarter, subject to stockholder and regulatory approvals.

ExamWorks is an Atlanta-based provider of medical examinations, peer reviews, bill reviews and related services.

Prospect Medical reworked

Prospect Medical trimmed its six-year term loan B to $625 million from $650 million, lifted pricing to Libor plus 600 bps from Libor plus 575 bps, changed the original issue discount to 98.5 from 99 and extended the 101 soft call protection to one year from six months, a source said.

The term loan B still has a 1% Libor floor.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance notes, to pay down revolver borrowings and to fund acquisitions.

Prospect Medical is a Los Angeles-based provider of healthcare and physician services.

Booz Allen readies deal

Booz Allen Hamilton emerged with plans to hold a lender call at 11 a.m. ET on Monday to launch a roughly $541 million seven-year term loan B, according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, SMBC and Fifth Third are leading the deal that will be used to refinance an existing term loan B.

The company said in an 8-K filed with the Securities and Exchange Commission on Friday that it is evaluating a repricing and maturity extension of the $1,618,000,000 of debt outstanding under its revolver, term loan A and term loan B, and that under the proposal a portion of the debt currently under its term loan B would be reallocated to its term loan A.

As of March 31, there was $741.8 million outstanding under the term loan A due May 31, 2019 and $841.2 million outstanding under the term loan B due July 31, 2019.

Booz Allen Hamilton is a McLean, Va.-based provider of management and technology consulting services, and engineering services to governments, corporations and not-for-profit organizations.

Ravago coming soon

Ravago Holdings scheduled a bank meeting for Wednesday to launch a $325 million term loan, a market source said.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt.

Ravago is a provider of distribution, resale, compounding and recycling service for plastic and elastomeric raw materials.

Headwaters on deck

Headwaters set a lender call for 10:30 a.m. ET on Monday to launch a repricing of its term loan B that is talked at Libor plus 300 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Based on a recent filing with the Securities and Exchange Commission, current pricing on the term loan B is Libor plus 350 bps with a 1% Libor floor.

Deutsche Bank Securities Inc. is leading the repricing.

Headwaters is a South Jordan, Utah-based manufacturer of light building products and heavy construction materials.

Belfor joins calendar

Belfor scheduled a lender call for Monday to launch a $270 million term loan that is talked at Libor plus 325 bps to 350 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC is leading the deal.

Proceeds will be used to refinance existing debt.

Belfor is a Birmingham, Mich.-based damage recovery and restoration provider.

Cision closes

In other news, Cision (GTCR Valor Cos. Inc.) completed its acquisition of PR Newswire from UBM plc for $841 million, comprised of $810 million in cash and $31 million in preferred equity, according to a news release.

To fund the acquisition, Cision got $1.47 billion in new term loans, split between a $1.1 billion seven-year first-lien term loan B (B1/B+) and a $370 million privately placed second-lien term loan.

Pricing on the term loan B is Libor plus 600 bps with a 1% Libor floor and it was sold at an original issue discount of 96. The debt has 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 950 bps with a 1% Libor floor, and was issued at a discount of 97.25.

Cision lead banks

Deutsche Bank Securities Inc., Barclays and RBC Capital Markets led Cision’s term loans that underwent a number of changes during syndication.

Revisions to the first-lien term loan B included carving out a €250 million seven-year term loan B and then removing it, lifting pricing from Libor plus 575 bps, modifying the discount from 98, and extending the call protection from six months.

The second-lien term loan saw pricing flex from Libor plus 875 bps and the discount widen from 99.

Also, during syndication, the incremental allowance was cut to $100 million from $150 million, the excess cash flow sweep was revised to 75% with a step-down at 3.5 times leverage from 50% with a step-down at 3.5 times leverage and the opening total net leverage covenant was changed to 7.5 times from 8 times.

Cision, a GTCR portfolio company, is a Chicago-based media intelligence company. PR Newswire is a New York-based PR and investor relations communications company.

Acelity completes deal

Acelity LP Inc. closed on its $1,707,000,000 and €239.5 million term loan F, which were used to extend a portion of the $1,903,000,000 and $273 million euro-equivalent term loan E-1 debt to November 2020 from May 4, 2018, the company said in an 8-K filed with the Securities and Exchange Commission.

Bank of America Merrill Lynch was the left lead on the deal.

Pricing on the term loan F is Libor/Euribor plus 400 bps with a 1% floor and it was issued at a discount of 99.75. There is 101 soft call protection for six months.

By comparison, pricing on the U.S. loan term loan E-1 was Libor plus 350 bps with a 1% Libor floor and pricing on the euro term loan E-1 was Euribor plus 375 bps with a 1% floor.

There is about $195.9 million of non-extended U.S. term loan E-1 debt outstanding, which the company expects to repay with proceeds from a notes offering and cash on hand.

Acelity is a San Antonio-based advanced wound care and regenerative medicine company.

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